Shares of Meta Platforms (NASDAQ: META) slipped on Wednesday, falling as much as 3.9%. As of 11:44 a.m. ET, the stock was still down 3.3%.

The general market downdraft no doubt contributed to the decline, but the catalyst that sent the social media titan lower was likely a lawsuit filed by an activist investor.

James McRitchie, a shareholder activist, has filed a lawsuit alleging that Meta and its leadership have pursued profits at the exclusion of all else, suggesting that the company's "outdated" attitude has disregarded the "high costs that Meta imposes on society and the economy." 

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Source Fool.com